PUBLISHER: The Business Research Company | PRODUCT CODE: 1546430
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546430
A blood glucose monitoring system is a medical device designed to measure and show the concentration of glucose in the blood. It typically includes a compact, portable meter and a test strip where a drop of blood from a fingertip is applied. This system plays a crucial role in diabetes management by enabling individuals to monitor and regulate their blood sugar levels.
There are two main types of blood glucose monitoring systems non-invasive and invasive. Non-invasive systems do not require drawing blood and include devices such as continuous glucose monitoring systems and self-monitoring blood glucose systems for fingertip and alternative site testing. These systems are sold through institutional and retail channels, serving applications in type 2 diabetes, type 1 diabetes, and gestational diabetes.
The blood glucose monitoring systems market research report is one of a series of new reports from The Business Research Company that provides blood glucose monitoring systems market statistics, including the blood glucose monitoring systems industry's global market size, regional shares, competitors with a blood glucose monitoring systems market share, detailed blood glucose monitoring systems market segments, market trends and opportunities, and any further data you may need to thrive in the blood glucose monitoring systems industry. This blood glucose monitoring systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The blood glucose monitoring systems market size has grown strongly in recent years. It will grow from $15.30 billion in 2023 to $16.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The increase in the historic period can be credited to a rise in global diabetes cases, heightened awareness leading to greater adoption of monitoring systems, supportive policies for diabetes management, improved healthcare access, and enhanced accuracy of glucose meters.
The blood glucose monitoring systems market size is expected to see strong growth in the next few years. It will grow to $22.28 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The rise in the forecast period can be attributed to customized treatment plans utilizing glucose data, a growing prevalence of diabetes, an aging population, increasing adoption in developing regions, improved connectivity, and enhanced data management. Key trends in the forecast period include integration with wearable and smart devices, advancements in sensor technology, personalized medicine, telehealth and remote monitoring, as well as improved connectivity and data management.
The increasing prevalence of diabetes is expected to drive growth in the market for blood glucose monitoring systems in the coming years. Factors contributing to this rise include sedentary lifestyles, unhealthy diets, aging populations, and genetic predisposition. These systems play a crucial role in monitoring blood sugar levels, facilitating disease management, and preventing complications. According to the International Diabetes Federation, the global diabetic population is projected to reach 643 million by 2030 and 783 million by 2045, with a significant concentration in low- and middle-income countries. Consequently, the expanding diabetic population is poised to bolster the demand for blood glucose monitoring systems.
Leading companies in the glucose monitoring systems market are focused on advancing technologies such as hybrid closed-loop systems and smartphone applications for real-time data access and management. Hybrid closed-loop systems automate insulin delivery based on real-time glucose readings, enhancing blood sugar control for individuals with diabetes. For instance, DexCom Inc., a US-based manufacturer, introduced Dexcom ONE+ in multiple European countries in February 2024. This system integrates advanced sensor technology and user-friendly features, including a water-resistant sensor, a transmitter for continuous glucose monitoring, and a smartphone-compatible app. Dexcom ONE+ allows real-time monitoring of blood glucose levels by users and up to ten additional individuals, facilitating shared monitoring.
In September 2023, Abbott Laboratories expanded its diabetes management portfolio by acquiring Bigfoot Biomedical Inc., a US-based company specializing in diabetes management technology. This strategic move strengthens Abbott's capabilities in glucose monitoring and insulin management solutions for diabetic patients.
Major companies operating in the blood glucose monitoring systems market are F. Hoffmann-La Roche Ltd., Sanofi S.A., Medtronic plc, Novo Nordisk A/S, B. Braun Melsungen AG, Terumo India Private Limited, Dexcom Inc., SD Biosensor Co. Ltd., Arkray Inc., Abbott India Limited, Ypsomed Holding AG, LifeScan IP Holdings LLC, Ascensia Diabetes Care Holdings AG, TaiDoc Technology Corporation, Nemaura Medical Inc., Bionime GmbH, Acon Laboratories Inc., Nipro India Corporation Private Limited., Rossmax International Ltd, AgaMatrix Inc., A. Menarini Diagnostics S.r.l., Medisana GmbH, Intuity Medical Inc.
North America was the largest region in the blood glucose monitoring systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blood glucose monitoring systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the blood glucose monitoring systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The blood glucose monitoring systems market consists of sales of blood glucose meters, test strips, lancets, and lancing devices. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Blood Glucose Monitoring Systems Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on blood glucose monitoring systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for blood glucose monitoring systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The blood glucose monitoring systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.